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Philippines SEC Calls for Gambling Enterprises to Fall Under Anti-Money Laundering Legislation Following Brand New York Fed Cyber Heist

Philippines Securities and Exchange Commission (SEC) Chairwoman Teresita Herbosa said this week that her country has to expand its current Anti-Money Laundering Act (AMLA) to provide investigative authorities with extra resources and research abilities.

Bangladesh central bank boss Atiur Rehman stepped down on Tuesday, after an $81 million cyber heist of his country’s money. Ironically, Rehman is seen here after winning a 2014 Peace that is GUSI Prize for his work in the area of economics.

Specifically, Herbosa says casinos require to fall under the AMLA umbrella of regulatory oversight.

‘ We have to bolster the law,’ Herbosa told reporters in Manila on Monday. ‘It’s an effort that is global expel money laundering . . . We need certainly to catch up with individuals doing that task.’

Charged with supervising the country’s corporate sector, investing public, as well as its securities and investment market, Herbosa is giving an answer to the Philippines’ obvious involvement in an effective $81 million cyber heist that spread from the United States to Southeast Asia.

Half Moved Through Casinos

More than half of the $81 million stolen in the cyber heist moved through two of this nation’s casinos, according to PAGCOR, the Philippine’s gaming authority that is regulatory. One unnamed PAGCOR official noted that the influx of funds went to the Solaire Resort and Casino ($26 million) also to the Easter Hawaii Casino and Resort in the province that is cagayan$20 million). The deposits happened between 5 and 9 february.

As to where the money went once inside the two gaming properties, it’s all a bit vague, according to the same official, whom didn’t want to be named, as the investigation is ongoing.

‘Only a part (of the $81 million) went to the casinos that are local these were all used to bet during the tables and purchase chips,’ the regulator told, the news web site for the Philippine Daily Inquirer.

‘The remaining portion of the funds never entered the local casino system. So, we don’t know where those funds went,’ the source that is anonymous.

Spelling It Out

The heist that is multimillion-dollar extraordinarily complex in design, yet it’s still somewhat unimaginable that in the current world, a worldwide group of hackers can quietly loot this type of large amount of cash from what’s allowed to be the most dependable banking system in the world.

And worse, authorities might have taken considerably longer to catch on to the embezzlement, that was accomplished over numerous unique transactions, had been it perhaps not for a spelling error that raised suspicions.

In the Federal Reserve Bank of New York received dozens of what appeared to be authorized withdrawal requests from the Bangladesh Bank february.

The Fed authorized the transactions, the first being for a sum of $81 million. The funds were deposited through the Society for Worldwide Interbank Financial Telecommunications (SWIFT) into foreign banking accounts, and then laundered through casinos in both the Philippines and Sri Lanka.

The payment that is next the brand New York Fed ended up being for $20 million, but an incorrect spelling associated with term ‘foundation’ caused payment processors to reconfirm the correct destination with Bangladesh authorities. The fraud was then detected, along having an additional $749-$769 million that had been scheduled to be extracted.

Repercussions Continue

The original $81 million re payment remains unrecovered as well as the identities of the assailants remain unknown.

However, Philippine immigration authorities prevented a Rizal Commercial Banking Corp. (RCBC) branch manager from leaving the nation late a week ago. RCBC had been one of the bank recipients associated with millions of transferred funds.

The country possesses the authority to monitor the integrity of bank accounts in order to detect criminal activity and money laundering under philippines’ current AMLA law. What the law states describes these accounts as holdings in banks, non-banks, quasi-banks, trust entities, insurance companies, securities, and opportunities.

No mention is free queen of the nile slots made by it of casino transactions, but. Herbosa believes the current hacking heist should serve as ‘good stimulus’ to modify the AMLA to incorporate such provisions.

While stronger anti-money laundering laws in Filipino casinos could assist in the recovery of laundered monies, the chief problem rests at the withdrawal process. The hackers were apparently in a position to implant a device that is malware the Bangladesh computer network in order to gather the appropriate credentials to infiltrate the nation’s account during the ny Fed.

‘ Relying on poor spelling ought not to be a security policy,’ Jerusalem-based cyber security expert Andrey Dulkin told Bloomberg. ‘In the event that Bangladesh Bank had been monitoring the game of those records, it may’ve quickly identified the anomalous behavior.’

Just as if to drive home that point, Atiur Rehman, Bangladesh’s main bank governor, resigned on Tuesday.

NCAA March Madness Tournament Field Set, 70 Million Brackets Expected to Be Finished

Kansas could be the #1 seed that is overall the NCAA March Madness tournament, but many experts within the field agree that this 12 months could be one of the more upset-prone Big Dances in recent history. (Image: Nati Harnik/AP Photo)

NCAA March Madness is finally here. 68 total teams are making their option to five locations spread throughout the United States for the shot at making history for their universities that are respective.

The tournament officially begins on Tuesday and Wednesday with 1st Four play-in games, which will then finalize the 64-team bracket ahead of Thursday through Sunday’s first and second rounds.

The men’s NCAA basketball tournament is the most-watched collegiate event in America behind only the College Football National Championship.

In 2015, NCAA March Madness reached highs that are new terms of viewership once the championship playoff averaged 11.3 million audiences throughout its more than two-week run. 28.3 million television sets tuned in to watch Duke Wisconsin that is outlast and famed Blue Devils coach Mike Krzyzewski his fifth Division I championship.

March Madness vs. November Neurosis

To include viewpoint just how rampantly popular the NCAA men’s tournament is, consider that more brackets are anticipated to be completed on the Big Dance than votes cast for either the Republican or nominee that is democratic president of the United States come November.

According to the American Gaming Association (AGA), 70 million brackets will be filled away for the NCAA tournament. In 2012, President Obama received 65.9 million popular votes during their reelection.

The majority of those 70 million brackets will be cast informally, meaning pools that are casual among coworkers or friends. A considerable number will even be contested without any financial incentive.

In Nevada where sports betting is legal, the AGA predicts around $262 million will be wagered, mainly in the Las Vegas area.

Daily fantasy sports (DFS) operators DraftKings and FanDuel are also expecting a bump in activity. The two market leaders are hoping a fresh crop of players tries their platforms for the time that is first March Madness.

No Clear Favorite

The 2016 men’s basketball championship could create record betting revenues since there is no team that is unblemished’s anticipated to rush through the bracket and land within the Final Four in Houston.

‘Every NCAA tournament is unpredictable. Upsets are area of the fun. But not like this,’ ESPN university basketball writer Eamonn Brennan summarized.

Never before in the 77-year reputation for March Madness has every team that is single at minimum four losings. Seven different schools were ranked # 1 at some point through the season that is regular.

The four #1 seeds that are regional the tournament are Kansas (30-4), North Carolina (25-6), Oregon (25-6), and Virginia (24-6).

‘If you thought picking a presidential nominee you truly love was hard this present year, try picking an NCAA tournament champion,’ Yahoo Sports columnist Pat Forde opined. ‘Just you also could assert that there have been no ideal teams. while you could argue that we now have no ideal candidates,’

That said, Kansas is obviously the team that is hottest in the country. The Jayhawks haven’t lost since January 25, and their current 14-game win streak includes victories over numerous ranked opponents including Kentucky, West Virginia, Oklahoma, and Baylor.

One last tidbit: through the first week of March Madness, it’s extremely hard for men to land a vasectomy operation unless they make the appointment months in advance. Since recovery takes a day or two of sleep, many men schedule their vasectomy to coincide with March Madness and park themselves as you’re watching television.

DraftKings Rescues Stricken FantasyHub, Honors Player Balances

DraftKings co-founder Matt Kalish: ‘We imagine it had been the thing that is right do.’ (Image:

Draftkings can pay a huge selection of thousands of dollars owed to DFS players by the Fantasy that is ailing Hub the company has announced.

FantasyHub had been an Austin, Texas-based DFS start-up, which as its USP allowed its customers to donate a portion of their winnings to charity. However the site suspended its operations on 19, leaving its players in the dark and unable to access their funds february.

In just one of the communications that are few the business to its anxious players, management made reference a ‘third-party’ who might rescue the situation.

Enter DraftKings, which said this week that FantasyHub owed a few hundred thousand dollars to a few thousand players and over $100,000 to charity. The DFS market frontrunner neglected to exactly say what had triggered FantasyHub’s sudden implosion.

The Best of a situation that is bad

Being a member of the Fantasy Sports Trade Association (FSTA), FantasyHub was supposed to have kept its players funds segregated from its operating funds, which does not appear eventually to own been the case.

However in the absence of a regulatory human anatomy there is no way these business requirements could be enforced. Members of FSTA merely pledge to follow its rules.

The bad press surrounding FantasyHub’s demise was the last thing it and the DFS industry needed for DraftKings, which is currently engaged in messy legal proceedings with the New York State Attorney General’s Office. But it offered a chance to turn a minor PR coup.

Not A acquisition

‘This is not an acquisition deal or an asset purchase deal,’ DraftKings co-founder Matt Kalish told ESPN. ‘This is a very deal that is simple where we are assigning two liabilities from [FantasyHub] over to DraftKings in an attempt to do the proper thing for their player base, with a nearly 80 percent overlap with our own.

‘We never want to see our player base got with an experience that is negative such as this. What happened here was reprehensible. It is a breach of trust for these players and we share a complete lot of these players with them. We just didn’t think it had been the thing that is right do to sit on the sideline and let that happen. We had the capability to intensify and do something.’

The company with details of a pre-existing one in order to receive their balances, FantasyHub customers are required to open DraftKings accounts or contact. Once they get their funds they may immediately withdraw them and without further responsibility.

African Gambling Conference Highlights Continent’s massive growth that is potential

Next month’s World Regulatory Briefing in Lagos, Nigeria hopes to bring extra publicity to the promising African gambling industry. (Image:

The African gambling market happens to be within the midst of a boom that is continental.

From conventional casinos that are land-based Internet gaming, multiple countries situated on the earth’s second-largest continent are now providing towards the gambling demographic through various means.

Though its tough to pinpoint just how large and gaming that is profitable in Africa as a whole, there is no disputing that the region’s more than one billion residents have actually taken a liking to betting throughout the last several years.

The increase has led London-based Clarion Events to schedule the World that is inaugural Regulatory Africa (WrB Africa). The conference that is two-day take destination April 11-12 in Lagos, Nigeria.

‘The area is known for its problems and federal government issues, but this market is in its growth stage.’ Clarion Events Producer Curtis Roach told VentureBeat recently. ‘Nigeria is a leader in the forex market, plus it has a lot of investment dollars.’

Nigeria vs. Southern Africa

Roach and Clarion occasions believe they’re hosting the African gaming summit in the country that is leading the way in gambling, although it’s home to only three casinos, one in the capital Abuja and also the two others in Lagos, Nigeria’s city that is largest.

‘The Nigerian gaming industry is an evolving one and gradually expanding,’ Roach said. ‘It’s difficult to express on the size . . . but we have many people doing research papers, and Nigeria is the leader.’

Another firm doing a bit of research is PricewaterhouseCoopers (PwC), one of the Big Four auditors and the largest expert solutions firm in the planet. PwC argues that while Nigeria has certainly emerged as being a leader in African gambling, South Africa remains king in the region.

South Africa’s gambling market generated $1.9 billion in revenue in 2015, somewhat more than the roughly $50 million Nigeria produced.

Although the figures speak for themselves, PwC did concede that South Africa will be sluggish in growth through 2018. Considering SA is producing nearly $2 billion in gaming from just 53 million residents, Roach is proper in pinpointing Nigeria’s prosperous potential, as 174 million citizens call Nigeria home.